EAST WINDSOR, N.J.—NexMed Inc. announced in December the
closing of its acquisition of Bio-Quant Inc., a privately held leading research
organization for in vitro and in vivo contract drug discovery and
preclinical development services. The agreement, announced in November,
provides for NexMed's issuance of 4 million unregistered shares of its common
stock to the Bio-Quant shareholders and a promissory note of approximately
$12.1 million. Upon closing, Bio-Quant became a wholly owned subsidiary of
NexMed. Dr. Bassam Damaj, co-founder and former CEO and chief scientific
officer of Bio-Quant, was named president and CEO of NexMed, replacing Vivian
Liu, who has assumed the role of executive vice president and was appointed
chairman of the board of directors.